A contributory mortgage is an investment vehicle that amalgamates a number of investor contributions into a larger sum, which is then advanced to a borrower.
Prudential Mortgage Ltd and First Mortgage Investments Ltd have been charged with failing to deliver an annual report to the registrar of companies for the April 1, 2012 through March 31, 2013 period.
Prudential is due to appeal in court on March 5. First Mortgage Investments appeared in court on January 30 and will reappear on March 20.
The charges carry a maximum fine of $5000.
FMA head of enforcement Belinda Moffatt said when companies failed to file annual reports it limited the ability of investors to make informed decisions.
“Non-filing of annual reports and financial statements is an issue which FMA takes seriously and we are considering a number of other cases where these key documents have not been filed,” she said.
“Ensuring accurate and timely disclosure to investors and promoting compliance with reporting obligations is a key priority for FMA.”
First Mortgage Investments Ltd, is directed by Ronald Spencer Jamieson of St Heliers and Stephen John Ward of Remuera.
Prudential Mortgage Ltd is directed by Hayden George Jones and Thomas Alexander George Jones, both of Christchurch.
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